N.Y. Comp. Codes R. & Regs. tit. 3 § 90.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 90.1 - Definitions

For purposes of this Part:

(a) The term banking institution shall mean a bank, trust company, savings bank, savings and loan association, credit union or branch of a foreign banking corporation.

(b) The term credit account shall mean an account which is established under a retail instalment credit agreement, as defined under section 401 of the Personal Property Law and as provided by section 413 of the Personal Property Law, which permits the customer of the banking institution to make purchases from time to time by use of a credit card or as otherwise provided.

(c) The term lending institution shall mean a banking institution as defined by subdivision (a) of this section or a licensed lender licensed pursuant to article IX of the Banking Law, which maintains loan accounts with customers and/or which is a financing agency, as defined under section 401 of the Personal Property Law, for the purpose of maintaining credit accounts with customers as provided in subdivision 11 of section 413 of the Personal Property Law.

(d) The term loan account shall mean an account established according to the provisions of subdivision 5 of section 108 of the Banking Law, or section 401.2(c)(2) of this Title, which permits the customer of the banking institution or licensed lender, respectively, to receive one or more loans or advances from time to time by use of a credit card, check or other written order or request of the customer.

(e) The term open-end account shall mean an account established by a lending institution pursuant to an agreement, which account may be comprised of either a loan account, a credit account or both a loan account and a credit account.

(f) The term rate shall mean, depending on the context, the rate of interest charged on a loan account or the rate of service charge charged on a credit account.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 90.1